Deal Search---ON A BIKE!!

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I have been riding my bike around my neighborhood for a few days and have come up with a list of about 60 properties that are showing signs of distress(property not being taken care of, over-grown lawn, junk in the yard, etc.). I obviously have no idea whether or not the owners of these properties are in fact in a distressed situation, which is why I will be sending letters to these addresses indicating that I want to buy the house.

My question is how should I structure my approach? What should the content of my letter say? Can I mail to these addresses without knowing the owner's name (Do I need to know the owners name to put on the envelope?)

I can, and plan to, find another few hundred of these properties in my surrounding area simply by riding my bike around over the next couple of weeks. With a budget of about $300/mo. for my marketing campaign, my options are limited as to my approach, which is why I am seeking advice. My hope is that I can learn the most effective way to do this through some of the BP experts. I am willing to put more time in and get creative if it means that I will be able to stay within budget.

Unlike most wholesalers, I am looking to secure a wholesale deal to rehab myself, so I am interested in quality more so than quantity. I only need one really good deal to get the ball rolling in my neck of the woods, as the rehab spreads are a lot higher here. Investors and rehab team are already lined up, all that's left for me to do is finding the deal.